Transparency and expertise are needed to defrost Russia’s billions for Ukraine

The article argues that European governments should find a transparent, technically sound way to use frozen Russian assets to help fund Ukraine. It says Ukraine’s urgent financing needs and limits on European public budgets make the issue pressing, while the failure of a proposed reparations loan in late 2025 shows the political obstacles remain significant.

The Centre for Development Finance Studies’ April 2026 paper says tens of billions of euros could be unlocked from assets held by Euroclear, largely using established decisions and precedents. Any plan must account for legal liabilities, risks to Belgium and the wider financial system, and the possibility that other countries could move reserves away from Europe if procedures seem arbitrary. The article calls for political backing alongside banking expertise and clear rules.